With so many rapid changes happening in the industry, it is necessary for companies to rethink their day-to-day operations and make adjustments so they can better position themselves for the future.
Changes in the commercial aviation industry are poised to change the global industrial sector. The once-booming commercial airline industry has been struggling with an unprecedented decline in air travel rates. This change has had grave repercussions on the production of aircrafts and laid off countless employees who were once supported by this industry.
With rapid change in the industry, come new problems and opportunities. You can count on us to be there for you when you need us most because we know what it takes to keep up with the pace of innovation when facing competition.
Most Recent Aerospace Statistics
➔ The global aerospace industry is valued at $838 billion
➔ The US accounts for 30% of the global aerospace industry, followed by Europe (25%), Asia (22%), and Russia & Canada (8%)
➔ The commercial aerospace market is forecast to grow at 4.1% annually through 2023 to reach $858 billion
➔ The civil aviation market is projected to grow at 4.2% per year through 2023 to reach $746 billion
➔ The military aerospace market is forecast to grow at 1.9% annually through 2023 to reach $362 billion
Our Contribution — Services
Assuras offers a wide range of services in the Aerospace industry, including:
- Aerospace engineering services that focus on improving aircraft performance and fuel efficiency
- Design and implementation of new aircraft systems
- Improvements to existing aircraft designs
- Assistance with aircraft certification and flight testing
- Aerospace consulting services to help with regulatory compliance, market analysis, and business planning
Current State of Industry
Aerospace is an industry that has been constantly evolving and innovating, and the current state of the industry is no different. With the rise of new technologies, the aerospace industry has been able to make significant advancements in the way that it operates. One of the most notable advancements has been the introduction of 3D printing into the manufacturing process, which has allowed for the production of parts and components that are lighter and more efficient.
Additionally, the use of composites and other advanced materials has allowed for the construction of aircraft that are stronger and more durable than ever before.
As the industry continues to evolve, we can expect to see even more advancements in the way that aircraft are designed, built, and operated. With the help of new technologies, the aerospace industry will continue to push the boundaries of what is possible, and we can only imagine what the future holds for this fascinating industry.
The aerospace industry is forecast to grow at a compound annual rate of 4.1% between 2018 and 2023, reaching a value of $838 billion. The commercial aviation segment is expected to grow the fastest, at a compound annual rate of 5.2%. The growth of the aerospace industry is being driven by the booming global economy and the increasing demand for air travel. The industry is also benefiting from the rise of new technologies, such as 3D printing, which is helping to reduce manufacturing costs and lead times.
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